SCHWARTZ INVESTMENT TRUST
NSAR-B, 1997-02-26
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<PAGE>      PAGE  1
000 B000000 12/31/96
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<PAGE>      PAGE  2
012 C010001 CINCINNATI
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014 A000002 MIDWEST GROUP FINANCIAL SERVICES, INC.
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015 A000001 THE FIFTH THIRD BANK
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020 A000003 LEGG MASON WOOD WALKER, INC.
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<PAGE>      PAGE  3
020 A000009 DAVIS (SHELBY CULLOM) & CO.
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<PAGE>      PAGE  6
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SIGNATURE   JOHN F. SPLAIN                               
TITLE       ASSISTANT SECRETARY 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000891160
<NAME> SCHWARTZ INVESTMENT TRUST - SCHWARTZ VALUE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                       47,045,103
<INVESTMENTS-AT-VALUE>                      56,131,324
<RECEIVABLES>                                  120,327
<ASSETS-OTHER>                                   8,320
<OTHER-ITEMS-ASSETS>                             3,930
<TOTAL-ASSETS>                              56,263,901
<PAYABLE-FOR-SECURITIES>                       504,301
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      654,472
<TOTAL-LIABILITIES>                          1,158,773
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    45,969,861
<SHARES-COMMON-STOCK>                        2,601,054
<SHARES-COMMON-PRIOR>                        2,702,902
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         49,046
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     9,086,221
<NET-ASSETS>                                55,105,128
<DIVIDEND-INCOME>                              749,730
<INTEREST-INCOME>                              258,998
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               1,053,756
<NET-INVESTMENT-INCOME>                       (45,028)
<REALIZED-GAINS-CURRENT>                     5,144,508
<APPREC-INCREASE-CURRENT>                    3,932,331
<NET-CHANGE-FROM-OPS>                        9,031,811
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     4,922,816
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        264,865
<NUMBER-OF-SHARES-REDEEMED>                    580,219
<SHARES-REINVESTED>                            213,506
<NET-CHANGE-IN-ASSETS>                       1,968,240
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                     127,618
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<GROSS-EXPENSE>                              1,053,756
<AVERAGE-NET-ASSETS>                        53,435,021
<PER-SHARE-NAV-BEGIN>                            19.66
<PER-SHARE-NII>                                  (.02)
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</TABLE>


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